MaryJane Group Inc. (OTCMKTS:MJMJ) Leases New Location Despite CannaCamp Setback

Yesterday MaryJane Group Inc (OTCMKTS:MJMJ) dropped more news surrounding the company’s recent activities. The market reacted in an unambiguous manner, with MJMJ dropping 8% by the closing bell on 123 million shares traded.

MJMJ dropped an 8-K and yet another stealth announcement, disseminated only through the OTC News and Disclosure service, without an official newswire PR for it. The 8-K filing revealed that MJMJ has now leased a new Bud + Breakfast location – a hotel located in Colorado Springs. The contract MJMJ signed includes an initial $30,000 hard deposit and monthly payments of $12,500 for the use of the property, with all costs and expenses related to the use of the property incurred by MJMJ.

The other bit of news that the press release accompanying the 8-K and the filing itself fail to mention is related to the company’s CannaCamp venture. It turns out the media reports by the Durango Herald that the CannaCamp will not be located on the Wilderness Trail Ranch were true after all. The local Durango media reported that MJMJ was “scrambling” to find a new location for its CannaCamp after the Wilderness Trail Ranch was sold to a new owner. MJMJ‘s own announcement states that “despite rumors”, the CannaCamp venture will proceed and the company’s partner has secured a new location to host the camp.

The new location is not named. It’s also not clear what will happen with the apparently huge amount of reservations made between June 9, when reservations first started, and yesterday.

Apart from pulling the rug from beneath their customers feet in the last second, other recent MJMJ achievements include diluting the company’s common stock over 1600% between mid-March and mid-June, then doubling its authorized shares, to a whopping 2 billion. MJMJ had 376 million outstanding common shares as of June 17.